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Strategy and CRM: Modern technology is increasingly being used by firms in order to achieve and sustain a competitive advantage. Discuss three ways in which firms can use Information Systems in order to reduce the bargaining power of customers - Essay Example

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Customers increase the competition in the industry by compelling prices to be reduced, bargaining for the improvement of the quality and even more services, and they also…
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Strategy and CRM: Modern technology is increasingly being used by firms in order to achieve and sustain a competitive advantage. Discuss three ways in which firms can use Information Systems in order to reduce the bargaining power of customers
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Extract of sample "Strategy and CRM: Modern technology is increasingly being used by firms in order to achieve and sustain a competitive advantage. Discuss three ways in which firms can use Information Systems in order to reduce the bargaining power of customers"

Download file to see previous pages Information system also helps in identifying opportunities to for the company (eat2go business). Lastly information system is and the firm strategy impact each other in that the firm objectives depend on the information system for new opportunities and the information system also depend on the firms’ strategy to execute the available opportunity (wills Technology Company) ((Boddy, Boonstra and Kennedy, 2008).
Customer relationship management is basically a general term that entails the ideas used by firms to manage customer relationship with them. They may include customer satisfaction, the attraction of customers, and also customer analysis. Basically there are three types of customer relationship management which include, operational customer management which refers to services and products that allow a firm to take good care of their buyers, an analytical customer relationship management which mainly focus on customer information analysis for various reasons, and collaborative customer relationship management which mainly entails the communication with customers (Chen, and Popovich, 2003)
The porter’s forces normally use the information system to do statistical analysis within the organization and the industry as a whole. Customer relationship management uses information system so maintain an active communication with the customers. The generic strategies must use information system so to be effective in their quest for the reduction of bargaining power of customers (Porter, 1980).
The five forces according to porter that helps in shaping the market are substitutes, rivalry, buyers, new entrants, and suppliers. Generic strategy can thus be said to be a framework that is used to outline three main strategic options that is available to the firm that would wish to obtain a competitive advantage that is sustainable. The ...Download file to see next pagesRead More
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